Saudi authority says Emaar EC gets to keep lands, corruption charges to be investigated

22/11/2015 Argaam

Saudi Arabia's Emaar the Economic City may keep its land in King Abdullah Economic City (KAEC) project, yet corruption charges surrounding the areas in question will be investigated and violators will be prosecuted, the Economic Cities Authority said in a statement, citing a royal order.

 

The royal decision took into consideration the interests of investors and the public, as well as the overall stability of the Saudi stock market, according to the statement.

 

The Tadawul-listed developer, founded in 2006 and headed by Dubai’s Emaar Properties and Saudi investors, is building King Abdullah Economic City (KAEC), an economic zone on Saudi Arabia’s Red Sea coast near Jeddah.

 

KAEC, a gated 168 million square meter community, includes residential and commercial buildings, a port, and an industrial zone.

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